Revenue for beer fell by 14% y-o-y in the 1QFY2024, marking a steeper decline than the 6% to 8% y-o-y drop in the previous three quarters.
CGS-CIMB Research analysts Ong Khang Chuen and Kenneth Tan have downgraded Thai Beverage (SGX:Y92
) (ThaiBev) to “hold” from “add” as the group’s beer sales disappointed their expectations during the 1QFY2024 ended Dec 31, 2023.
Overall, the group’s revenue, which fell by 5.9% y-o-y to 76.11 billion baht ($2.84 billion), also stood lower than Ong and Tan’s expectations due to a weaker beer segment.
